Changes in tenancy duration
- The length of time that tenants are staying in Barfoot & Thompson managed rentals is increasing.
- The average length of stay has increased to 2 years, 1.5 months.
- Between April 2017 and April 2018, this has increased by just over a month, to 25.5 months.
- Increased tenancy duration is seen as a benefit to both landlords and tenants. For landlords, it reduces the amount of time the properties are vacant between tenants.
- For tenants, it reduces costs and inconvenience involved with moving. South and Central Suburbs currently have the longest tenancy durations. This could be due to school zones within those areas.
- Central Auckland, which is made up predominantly of apartments, has the shortest average term of just over 1.5 years. This reflects the more transient nature of the population there (students, short-term international residents, etc).
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